Eleven classes from four Terwin Mortgage Trust issues of mortgage pass-through certificates have been downgraded by Fitch Ratings, and one has been placed on Rating Watch Negative.Fitch also affirmed the ratings on 29 other classes in the four transactions. The downgrades were based on deterioration in the relationship between credit enhancement and expected losses, Fitch said. The collateral for the transaction is fixed-rate subprime loans secured by second-lien mortgages on residential properties. Fitch can be found on the Web at http://www.fitchratings.com.

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